Free checking accounts are becoming increasingly rare: Only 12 banks still offer the service

Created: 08/17/2022, 11:09 am

Banks and savings banks are turning the screw on fees.

An analysis by "Finanztest" shows: There are currently only 12 free current accounts on the market.

Hamm - Life is expensive.

The costs are increasing in all areas of everyday life.

This applies to heating as well as to daily shopping in the supermarket or discounter.

And the basis of almost every financial transaction - a bank account - is also affected by cost increases.

According to a recent evaluation by the magazine “Finanztest”, which belongs to Stiftung Warentest, the number of free or cheaper current accounts has fallen even further, as reported by wa.de.

Banks and savings banks continue to tighten the fee screw.

This trend is not new.

Bank accounts without a basic fee and without costs when withdrawing money are now a rarity in Germany.

The analysis of "Finanztest" (edition 9/2022) has shown that current accounts with low basic fees are becoming rarer.

"The Girocard is now often priced," said "Finanztest" expert Heike Nicodemus.

There are only 12 banks with free current accounts

The testers of the magazine belonging to Stiftung Warentest tested 432 account models from 165 banks and savings banks.

They found only twelve more payroll or retirement accounts that are free for online customers with no strings attached.

A year ago there were 14.

According to the “Finanztest”, current accounts are free of charge at these financial institutions:

• Bank in the Diocese of Essen (GiroOnline)

• C24 Bank (smart account)

• DKB (current account, current account for active customers)

• Edekabank (Edeka account)

• KT Bank (current account)

• My bank - Raiffeisenbank im Hochtaunus (online only account)

• PSD Bank Nuremberg (GiroDirekt)

• Santander (BestGiro)

• Sparda Bank Hessen (Giro)

• Volksbank Braunschweig Wolfsburg – BraWo (My Account)

• Volksbank Dreieicheasy (Giro online)

• VR Bank Niederbayern-Oberpfalz (My GiroDirekt)

Free checking account: Large market overview from Finanztest

"Financial test" defined as free of charge: no basic fee, no fee for account statements, bookings, Girocard and when withdrawing money from machines in the bank's own pool, and no conditions such as regular receipt of money and salary in a certain amount.

A model person was used as the basis for the evaluation.

She gets a regular salary, keeps the account online and uses it on an average basis.

Stiftung Warentest, which currently operates a free website for checking current accounts on behalf of the state, evaluated the conditions of salary and pension accounts valid until August 31st.

All nationwide institutes as well as direct and church banks, all Sparda and PSD banks as well as the largest savings banks and Volksbanks and Raiffeisenbanks in each federal state were examined.

These nine myths are floating around about retirement

View photo gallery

also read

Ten known foods that can be toxic or even deadly

Big innovations at Aldi and Lidl: Customers probably expect a new system when shopping

Free checking account: Little hope for improvement for customers

For customers there is little hope for improvement.

For the time being, Nicodemus does not assume that banks and savings banks will soon be able to increasingly advertise customers for investments with free current accounts.

"In view of the generally increasing costs, I do not expect any reversal in the next two to three years." The situation is different with youth accounts for pupils, trainees or students, most of which are already free of charge.

“The point here is to retain these customers until they earn their own money.” And then they pay.

As long as a current account does not cost more than 60 euros over the year, Stiftung Warentest believes that is fine.

Finally, the bank handles bookings and provides ATMs and secure technology for online banking.

According to the evaluation, the total number of free and cheap checking accounts fell from 91 last year to 79. The most expensive account management evaluated costs 360 euros a year.

(with dpa)

With a gas surcharge, consumers in Germany are to share in the rising gas costs.

Households will have to spend significantly more.

If you work from home, you can get some of the rising costs back from the tax office.